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Line	Code	2025	2026	Change	%
Total assets	20/58	€1,676,608	€1,742,712	+€66,104	+3.9%
Fixed assets	21/28	€91,575	€92,172	+€597	+0.7%
Intangible fixed assets	21	€86,665	€87,326	+€661	+0.8%
Tangible fixed assets	22/27	€4,910	€4,847	-€63	-1.3%
Furniture and vehicles	24	€4,910	€4,847	-€63	-1.3%
Current assets	29/58	€1,585,034	€1,650,540	+€65,506	+4.1%
Stocks and contracts in progress	3	€1,211,505	€1,253,868	+€42,363	+3.5%
Stocks	30/36	€1,211,505	€1,253,868	+€42,363	+3.5%
Goods purchased for resale	34	€1,211,505	-	-€1.2m
Amounts receivable within one year	40/41	€204,876	€244,789	+€39,913	+19.5%
Trade receivables	40	€185,826	€210,732	+€24,906	+13.4%
Other amounts receivable	41	€19,050	€34,057	+€15,007	+78.8%
Cash at bank and in hand	54/58	€165,184	€147,566	-€17,618	-10.7%
Deferred charges and accrued income	490/1	€3,469	€4,317	+€848	+24.4%
Total equity and liabilities	10/49	€1,676,608	€1,742,712	+€66,104	+3.9%
Equity	10/15	€1,253,272	€1,239,839	-€13,433	-1.1%
Contributions	10/11	€65,713	€65,713	-€0	0.0%
Reserves	13	€1,187,559	€1,174,127	-€13,432	-1.1%
Distributable reserves	133	€1,187,559	€1,174,127	-€13,432	-1.1%
Amounts payable	17/49	€423,336	€502,873	+€79,537	+18.8%
Amounts payable after more than one year	17	€100,000	€350,000	+€250,000	+250%
Financial debts	170/4	€100,000	€350,000	+€250,000	+250%
Subordinated loans	170	€100,000	-	-€100,000
Amounts payable within one year	42/48	€323,336	€152,873	-€170,463	-52.7%
Trade debts	44	€307,495	€89,493	-€218,002	-70.9%
Suppliers	440/4	€307,495	€89,493	-€218,002	-70.9%
Taxes, remuneration and social security	45	€15,508	€50,297	+€34,789	+224%
Taxes	450/3	€8,018	€23,380	+€15,362	+192%
Remuneration and social security	454/9	€7,489	€26,917	+€19,428	+259%
Other amounts payable	47/48	€333	€13,083	+€12,750	+3,829%
Operating income	70/76A	€1,589,608	-	-€1.6m
Turnover	70	€1,560,808	-	-€1.6m
Other operating income	74	€28,800	-	-€28,800
Operating charges	60/66A	€1,543,695	-	-€1.5m
Goods for resale, raw materials and consumables	60	€908,812	-	-€908,812
Purchases	600/8	€1,873,698	-	-€1.9m
Change in stocks: decrease (increase)	609	-€964,887	-	+€964,887
Services and other goods	61	€573,316	-	-€573,316
Remuneration, social security and pensions	62	€8,419	€129,993	+€121,574	+1,444%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€25,574	€36,965	+€11,391	+44.5%
Other operating charges	640/8	€27,574	€24,085	-€3,489	-12.7%
Gross operating margin	9900	-	€190,881	+€190,881
Operating profit (loss)	9901	€45,914	-€162	-€46,076
Financial income	75/76B	€80	€1,984	+€1,904	+2,380%
Recurring financial income	75	€80	€1,984	+€1,904	+2,380%
Other financial income	752/9	€80	-	-€80
Financial charges	65/66B	€2,497	€15,261	+€12,764	+511%
Recurring financial charges	65	€2,497	€15,261	+€12,764	+511%
Debt charges	650	€333	-	-€333
Other financial charges	652/9	€2,164	-	-€2,164
Profit (loss) for the period before taxes	9903	€43,496	-€13,440	-€56,936
Income taxes	67/77	€10,950	-€7	-€10,957
Taxes	670/3	€10,950	-	-€10,950
Profit (loss) for the period	9904	€32,546	-€13,433	-€45,979
Profit (loss) for the period to be appropriated	9905	€32,546	-€13,433	-€45,979

XAVIS: value indication

XAVIS: value indication

Position among the sector peers

What moved between 2025 and 2026

Largest movements

Change in the result, 2025 to 2026

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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